All Forum Posts by: Chris Carollo

Looking forward to tonight!

Adam-Welcome to investing and the BP Community!  I don't think you're going to find anything less than $175k and up in Orland that is turnkey. 

Have you looked in Lockport as well? 

You'll be able to get a good sense of what rents are from looking on zillow or craigslist.  I'd then take a look at that property and search to see what it would sell for. It will be a great way to quickly learn a market. 

Good luck!

Chris

At a minimum you should be putting in as much as needed to get the match. In addition don't leave out the tax benefits of contributing to your 401K or doing a Roth 401k if you can. Not a tax expert but it's worth looking at the full picture when making this choice. 

I've used a couple Attorney's that specialize in this type of work in the Chicago area.  The way that it works is that they only get paid if they win an appeal. One Attorney that I used would take 50% of your first year appeal and I've switched to another one that takes 10% of each year the taxes are reduced. We've got reassessments every three years. 

Clean with TSP, then use a good primer and you should be all set. You're keeping the green carpet, right? :)

I'd also take a look at Lagrange Park. Lower priced housing stock with good schools, proximity to transportation, etc. Good rents and quite a few rehabs happening..

What type of rents are you getting? Are the tenants going to be expecting one piece vinyl or a nicer material? Personally I would try to refinish what's in place and then put a couple good coats of poly on it. If you have wood now, it's probably been there for a while.

I'd also think about doing some natural Slate tile for a higher end look. But if you go with tile(and possibly vinyl) make sure that you clear all doors. 

I've used Ikea cabinets in many properties with great success. I had a tenant a couple years ago who let their kids draw on the white fronts with a purple marker.  I could just run down to Ikea to replace it, good as new. I've also moved whole ikea kitchens from one property to another with very little effort. 

Fox Lumber in Oak Lawn has also treated me well on a couple kitchens.

What does Craigslist or Zillow show for comparable rentals?  Are housing sitting for days/weeks before being rented? Are you working with a realtor to purchase? If so I would ask your realtor how the rental market is. They might also help you list it as a rental the first time, helping with you anxiety and also seeing the work that goes into it. 

Heloc for sure. If you refi, you will be making payments immediately on the new loan amount. With the HELOC you pay as your draw. It gives you a ton more flexibility.